The auto component industry remains ‘cautiously optimistic’ about the growth of the sector in the current fiscal year despite concerns of another wave of the pandemic, industry body ACMA said on Tuesday.
The turnover of the automotive component industry stood at ₹1.96 lakh crore ($26.6 billion) in April-September 2021, registering a growth of 65% over the first half of the previous year.
“Despite resurgence of demand for vehicles, supply-side issues of availability of semiconductors, increasing input costs, rising logistics costs and availability of containers, among others, continue to hamper recovery in the automotive sector,” said Automotive Component Manufacturers Association of India (ACMA) President Sunjay Kapur.
“Increased value addition to meet regulatory compliance, fast recovery in external markets and traction in the domestic after-market have contributed to the growth in the first half of FY21-22,” he added.
